MICHAEL I HOLDSWORTH LIMITED
Company number: 02027459
Reporting period:
1 March 2020 to 31 August 2020
Report filed on:
25 September 2020
Approved by:
RJC Warhurst
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 74%
- in 61 days or more: 4%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 22%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
60 days
Standard payment terms
We have weekly payment terms for local suppliers We have a 20th of the month following month of supply We have an End of Month following the month of supply We part pay our Rates bills over 306 days by direct debit We have special terms and pay some suppliers by direct debit ie., utility suppliers
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
306 days
This is only for part paying rates bills
Any other information about payment terms
Unfortunately when suppliers charge us incorrectly and don't send in credit notes on a timely basis we are in breach of the agreed terms. This is sometimes at the suppliers request, as they don't want part paid invoices. COVID19 has affected payment terms during this 6 months as we were unable to pay in a timely manner, due to stock issues and best before dates
Dispute resolution process
During invoice processing it will be determined if there is a dispute with the invoice i.e., incorrect prices, short deliveries, none deliveries, wrong goods delivered, damaged goods, returned goods or goods that need returning - as Holdsworth did not order them. Holdsworth email/write and phone the suppliers to request credit notes(s). With larger suppliers this can be a very lengthy process.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No